Common use of Terms of obligatory insurances Clause in Contracts

Terms of obligatory insurances. In respect of each Ship, the Borrowers shall effect such insurances: (a) in dollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of: (i) when aggregated with the insured values of the other Ships then subject to a Mortgage, 110 per cent. of the Loan; and (ii) the market value of that Ship; (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry and in the international marine insurance market; (d) in the case of protection and indemnity risks, in respect of the full tonnage of its Ship; (e) on approved terms; and (f) through Approved Brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

Terms of obligatory insurances. In respect of each Ship, the Borrowers Each Borrower shall effect such insurances: (a) in dollarsDollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of: of (i) an amount, which when aggregated with the insured values value of any other Ship at the other Ships then relevant time subject to a Mortgage, 110 is equal to 125 per cent. of the Loan; and amount of the Loan and (ii) the market value Market Value of that such Ship;; and (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry and in the international marine insurance market; (d) in the case of relation to protection and indemnity risks, in respect of the relevant Ship’s full tonnage of its Shiptonnage; (e) on approved terms; and (f) through Approved Brokers approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

Terms of obligatory insurances. In respect of each Ship, the Borrowers The Borrower shall effect such insurances: (a) in dollarsDollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of: of (i) when aggregated with the insured values Market Value of the other Ships then subject to a Mortgage, 110 Ship and (ii) 125 per cent. of the Loan; and (ii) aggregate of the market value of that ShipLoan and the Swap Exposure and upon such terms as shall from time to time be approved in writing by the Lender; (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry and in the international marine insurance marketmarket for vessels of the same type and age as the Ship; (d) in the case of relation to protection and indemnity risks, in respect of the full tonnage of its the Ship; (e) on approved terms; and (f) through Approved Brokers approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

Terms of obligatory insurances. In respect of each Ship, the Borrowers Each Owner shall effect such insurances: (a) in dollarsDollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of: of (i) the Market Value of the Ship owned by it and (ii) such amount which, when aggregated with the insured values of the amount for which any other Ships Ship then subject to a MortgageMortgage is insured, 110 is equal to 120 per cent. of the Loan; and (ii) the market value of that Ship; (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry and in the international marine insurance market; (d) in the case of relation to protection and indemnity risks, risks in respect of the full tonnage of its Shipthe Ship owned by it; (e) on approved terms; and (f) through Approved Brokers approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

Terms of obligatory insurances. In respect of each Ship, the Borrowers Each Borrower shall effect such insurances: (a) in dollarsDollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis in an amount at least the greater of: of (i) an amount which, when aggregated with the insured values of amount for which the other Ships then subject to a MortgageMortgaged Ship is insured, 110 equals 120 per cent. of the Loan; and Loan and (ii) the market value Market Value of that Ship;the Ship owned by it; and (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry and in the international marine insurance market; (d) in the case of relation to protection and indemnity risks, risks in respect of the full value and tonnage of its that Ship; (e) on approved terms; and (f) through Approved Brokers approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

Terms of obligatory insurances. In respect of each Ship, the Borrowers Each Borrower shall effect such insurances: (a) in dollarsDollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of: of (i) an amount which when aggregated with the insured values value of the other Ships Ship then subject to a Mortgage, 110 is equal to 120 per cent. , of the Loan; and , and (ii) the market value Market Value of that Ship;the Ship owned by it; and (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry and in the international marine insurance marketmarket (currently $1,000,000,000); (d) in the case of relation to protection and indemnity risks, risks in respect of the Ship's full tonnage of its Shipvalue and tonnage; (e) on approved terms; and (f) through Approved Brokers approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

Terms of obligatory insurances. In respect of The Borrower shall procure that each Ship, the Borrowers Owner shall effect such insurances: (a) in dollarsDollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis being at least the greater of: of (i) when aggregated the market value of the Ship owned by it (determined on the basis set out in Clause 16.4) and (ii) together with the insured values of the other Ships then subject to a MortgageShip, 110 125 per cent. of the Loan; and (ii) the market value of that Ship; (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry and in the international marine insurance marketmarket (currently $1,000,000,000); (d) in the case of relation to protection and indemnity risks, risks in respect of the full tonnage of its Shipthe Ship owned by it; (e) on approved terms; and (f) through Approved Brokers approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.,

Terms of obligatory insurances. In respect of each Ship, the Borrowers Each Guarantor shall effect such insurances: (a) in dollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of: (i) when aggregated together with the insured values of the other Ships then subject to a Mortgage, 110 per cent. 120% of the LoanLoan and the Discount Premium Amount; and (ii) the market value of that Shipthe Ship owned by it; (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry and in the international marine insurance market; (d) in the case of protection and indemnity risks, in respect of the full tonnage of its Shipthe Ship owned by it; (e) on approved terms; and (f) through Approved Brokers approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

Terms of obligatory insurances. In respect of each Ship, the Borrowers Each Borrower shall effect such insurances: (a) in dollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of: (i) when aggregated with the insured values of the other Ships then subject to a Mortgage, 110 120 per cent. of the LoanTranche relating to that Ship; and (ii) the market value Fair Market Value of that ShipShip (determined by the then latest valuation in accordance with Clause 25 (Security Cover)); (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry with the International Group of Protection and Indemnity Associations or if the International Group of Protection and Indemnity Associations cease to exist or operate, leading protection and indemnity associations managed in the international marine insurance marketLondon; (d) in the case of protection and indemnity risks, in respect of the full tonnage of its Ship; (e) on approved terms; and (f) through Approved Brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

Terms of obligatory insurances. In respect The Borrower shall procure that each Owner of each Ship, the Borrowers a Mortgaged Ship shall effect such insurances: (a) in dollarsDollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of: of (i) when aggregated with the insured values of the other Ships then subject an amount equal to a Mortgage, 110 125 per cent. of the Loan; and aggregate of (A) the Loan and (B) any Swap Exposure and (ii) the market value Market Value of that such Ship; (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry and in the international marine insurance market; (d) in the case of relation to protection and indemnity risks, in respect of the relevant Ship's full tonnage of its Shiptonnage; (e) on approved terms; and (f) through Approved Brokers approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

Terms of obligatory insurances. In respect The Borrower shall procure that each Owner of each Ship, the Borrowers a Mortgaged Ship shall effect such insurances: (a) in dollarsDollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of: of (i) when aggregated with the insured values of the other Ships then subject an amount equal to a Mortgage, 110 125 per cent. of the Loan; and aggregate of (A) the Loan and (B) any Swap Exposure and (ii) the market value Market Value of that such Ship; (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry and in the international marine insurance market; (d) in the case of relation to protection and indemnity risks, in respect of the relevant Ship’s full tonnage of its Shiptonnage; (e) on approved terms; and (f) through Approved Brokers approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

Terms of obligatory insurances. In respect of The Borrower shall procure that each Ship, the Borrowers Owner shall effect such insurances: (a) in dollarsDollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of: of (i) when aggregated with the insured values of the other Ships then subject to a Mortgage, 110 per cent. of the Loan; and Advance or Advances relating to the Ship owned by that Owner, and (ii) the market value of that Shipthe Ship as determined in accordance with Clause 15.3; (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry and in the international marine insurance market; (d) in the case of relation to protection and indemnity risks, risks in respect of the full tonnage of its Shipthe Ship owned by it; (e) on approved terms; and (f) through Approved Brokers approved brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.

Terms of obligatory insurances. In respect of each Ship, the Borrowers shall effect such insurances: (a) in dollars; (b) in the case of fire and usual marine risks and war risks, in an amount on an agreed value basis at least the greater of: (i) when aggregated with the insured values of the other Ships then subject to a Mortgage, 110 120 per cent. of the Loan; and (ii) the market value of that Ship; (c) in the case of oil pollution liability risks, for an aggregate amount equal to the highest level of cover from time to time available under basic protection and indemnity club entry and in the international marine insurance market; (d) in the case of protection and indemnity risks, in respect of the full tonnage of its Ship; (e) on approved terms; and (f) through Approved Brokers and with approved insurance companies and/or underwriters or, in the case of war risks and protection and indemnity risks, in approved war risks and protection and indemnity risks associations.. ​